What is the interest rate on PNC Bank's money market account?

The interest rate on the PNC Premiere Money Market account depends on your account balance, how long it's been open, and whether you have a checking account relationship with PNC Bank. Generally speaking, the best rates go to customers who have high balances as well as a checking relationship, while lower-balance money market accounts don't pay competitive interest rates.

Should I use a PNC Bank money market account or CD?

It depends. While PNC Bank's money market account has an excellent introductory interest rate, its ongoing interest rates are significantly lower than many competitors. However, the bank offers several promotional CD rates, some of which have interest rates significantly higher than the bank offers for its money market account, and with a significantly lower deposit requirement. Of course, the trade-off with CDs is that you won't have access to your money during the term, unless you pay a penalty.

Does PNC Bank's money market account allow you to write checks?

The PNC Premiere Money Market account is designed to be paired with one of the bank's checking accounts, so it doesn't have check-writing capabilities (like some money market accounts do). However, it offers ATM access to money, and permits seamless transfers to and from a linked PNC Bank checking account.

PNC Premiere Money Market Review

Money market accounts offer several key advantages, such as ATM access, and they can be superior to traditional savings accounts. The PNC Premiere Money Market account is designed specifically for the bank's checking account customers, who get higher relationship interest rates. Read our full review of the PNC Premiere Money Market account to see if it might be a good fit for you.

Ratings Methodology

Rates as of Jun 29, 2024

PNC Premiere Money Market

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Member FDIC.

Rating image, 4.00 out of 5 stars.

4.00/5

Rating image, 4.00 out of 5 stars.

4.00/5

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Monthly Fee

$12, waived if avg. monthly balance of $5,000 is kept, or account is linked to a select PNC checking account

Min. Balance

$0

APY

up to 4.00%

Min. To Earn APY

$1

Pros/Cons

Strong introductory APY
ATM access
Easy to waive monthly fee

No check-writing ability
$12 monthly fee if requirements aren't met
Permanent interest rates are low

Bottom Line

The PNC Premiere Money Market account has an excellent introductory interest rate and is a solid branch-based savings product for customers with checking accounts at PNC. However, it doesn't measure up to some of its online-based competitors, so it isn't right for everyone.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

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Open Account for Capital One 360 Performance Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	4.25% Rate info Min. to earn: $0	N/A	Open Account for Capital One 360 Performance Savings
Open Account for American Express® High Yield Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	4.25% Rate info Min. to earn: $1	N/A	Open Account for American Express® High Yield Savings

PNC Premiere Money Market interest rate

Account	APY	Minimum Deposit
PNC Premiere Money Market	Up to 4.00%	$0

Data source: PNC.

The PNC Premiere Money Market account offers a promotional interest rate for the first 12 months for balances of $10,000 or more, and this is extremely competitive -- especially for a branch-based bank money market account. However, to earn the top rates on an ongoing basis, you'll need to also have a PNC Performance Select Checking account and over $100,000 in your account.

If you don't meet these requirements, the money market interest rates are extremely low, and even if you do, the rates don't quite measure up to online competition. Having said that, for high-balance money market accounts, the PNC Premiere Money Market account offers a solid combination of yield and brick-and-mortar banking convenience.

Full PNC Premiere Money Market review

Like most financial products, the PNC Premiere Money Market account has advantages and drawbacks, and it's important to be aware of them before considering the account.

Top perks

High introductory APY: The PNC Premiere Money Market account offers a promotional interest rate for the first 12 months for customers who maintain a minimum daily balance of $10,000 and have a PNC Bank consumer checking account. The rate can change over time, but it is competitive with the annual percentage yields (APYs) offered by online money market accounts.

Easy to avoid fees: The PNC Premiere Money Market account has a $12 monthly fee, but it's reasonably easy to avoid. The fee can be waived with either a $5,000 balance or by linking the account to certain types of PNC Bank checking accounts.

ATM and branch access: PNC Bank money market customers get a PNC Bank banking card that allows for free ATM access at about 60,000 PNC Bank ATMs. (Note that customers can't make debit card purchases from money market accounts.) But PNC Bank has about 2,300 U.S. branches, and is well-known for its top-notch convenience and customer service.

What could be improved

Low ongoing APY: While the introductory APY is competitive, the ongoing APYs paid by the account aren't great. The yield is decent for a branch-based bank if you have more than $100,000 in the account and a PNC Bank checking account, but if you don't, the APY isn't competitive.

High balance for decent APY: As mentioned, even if you have a checking account with PNC Bank, you'll need to maintain a high balance ($100,000 or more) to get a decent APY, and even that isn't competitive with what some online banks are offering, and with much lower balance requirements.

No check-writing ability: The PNC Premiere Money Market account is designed as a savings complement to the bank's checking accounts, and therefore doesn't offer check-writing abilities.

How to access your money

Convenience and accessibility are where the PNC Premiere Money Market account shines. There are several options available to access and deposit money.

Deposit options

The PNC Premiere Money Market account has unlimited deposits, which you can make via transfers from a linked PNC Bank checking account, through one of the bank's ATMs, or in person at any of its 2,300 branches.

Withdrawal options

Like most money market and savings accounts, the PNC Premiere Money Market account restricts withdrawals to six per month. However, the bank operates (or partners with) about 60,000 ATMs and has 2,300 branch locations throughout the country, so it's rather convenient to get your money if you need it. You can also transfer money to a linked PNC Bank checking account.

Keep Reading: How to Open a PNC Bank Account

PNC Premiere Money Market is right for you if:

The PNC Premiere Money Market account could be a good fit if you have enough money to take advantage of its introductory APR and you are (or are willing to become) a PNC Bank checking customer.

Keep reading about PNC Bank:

Our money market account methodology

At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

APY: 40%
Brand and Reputation: 20%
Fees and Minimums: 10%
Perks: 30%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

The interest rate on the PNC Premiere Money Market account depends on your account balance, how long it's been open, and whether you have a checking account relationship with PNC Bank. Generally speaking, the best rates go to customers who have high balances as well as a checking relationship, while lower-balance money market accounts don't pay competitive interest rates.
It depends. While PNC Bank's money market account has an excellent introductory interest rate, its ongoing interest rates are significantly lower than many competitors. However, the bank offers several promotional CD rates, some of which have interest rates significantly higher than the bank offers for its money market account, and with a significantly lower deposit requirement. Of course, the trade-off with CDs is that you won't have access to your money during the term, unless you pay a penalty.
The PNC Premiere Money Market account is designed to be paired with one of the bank's checking accounts, so it doesn't have check-writing capabilities (like some money market accounts do). However, it offers ATM access to money, and permits seamless transfers to and from a linked PNC Bank checking account.

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PNC Premiere Money Market Review: A Solid Savings Product for PNC Checking Customers